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The major market averages were modestly higher in early morning trade Thursday. The Dow Jones industrial average paced the indexes with a 0.2% rise, notching a record high. The tech-heavy Nasdaq and the S&P 500 inched 0.1% higher.

X Among the Dow Jones industrial components, Walt Disney (DIS) reversed from early losses to rise 0.7% after reaching a $66.1 billion deal to buy 21st Century Fox‘s (FOXA) entertainment assets. The media company is gearing up for a streaming content fight with FANG stocks Amazon (AMZN) and Netflix (NFLX), which rose 0.5% and 1%, respectively. Netflix was attempting to reclaim a 190.05 cup-with-handle entry.

On the downside, Verizon Communications (VZ) was the day’s early big loser, falling 1.3%. The stock remains in buy range from a 51.28 flat-base entry.

Leading retailers were mostly higher in the stock market today, after November’s retail sales handily beat the consensus estimate, coming in at 0.8% vs. 0.3% forecasts. The sales beat reinforces sustained strength in the economy. Michael Kors (KORS) advanced 1.2% and is well-extended from a 46.36 flat-base entry. Lululemon (LULU) moved up 1% and is extended from a 64.91 buy point. The stock was also upgraded from hold to buy at Deutsche Bank.

Among companies reporting earnings, tech companies Adobe Systems (ADBE) and Oracle (ORCL) will report after the close Thursday. Adobe has been a top big-cap stock in 2017. Shares are 12% above a recent 157.99 flat-base entry that was gapped above on Oct. 19. The stock recently found solid support at its 50-day line. Analysts expect the software company to earn $1.15 per share with revenue of $1.95 billion.

Oracle is forming a double-bottom base pattern with a 51.38 potential buy point. Consensus estimates have the company’s fiscal-Q2 earnings results coming in at 68 cents per share on sales of $9.56 billion.

Meanwhile, Costco (COST) will release its fiscal-Q1 results. Analysts anticipate the warehouse retailer earning $1.35 per share on revenue of $31.52 billion. The stock is extended after a recent breakout above a 173.19 cup-with-handle entry.

Inside the IBD 50, PayPal (PYPL) rose 1.3%, on pace for a fourth straight up day. Shares have been rallying from their 50-day line since Dec. 4.

On the downside, Alibaba (BABA) declined nearly 4% in heavy turnover and moved further below its 50-day line, where it found resistance on Dec. 11. The stock is in the early stages of forming a brand-new base — its first since an ascending-base-pattern breakout in September.

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